Quitclaim prior to bankruptcy - How does it affect?

My mom recently quit claimed her house to her children (3) after her husband passed away. The house is paid for. She still lives in the house. If one of these children files for bankruptcy, how will this affect the house that my mom lives in? Will the house have to be included in the bankruptcy?

If the house is paid for, I don't think that child should include the property in the bankruptcy. Your bankruptcy attorney will be the best person to let you know about the consequences.

my cousin signed Quit Claim to my name about 8 months ago, but the mortgage still in his name, he just tell me he will going to sale that house. Does he still have a right to sale?

Hi roy

As you are the owner of the property now, he will not be able sell off the property without your consent. You can refinance the mortgage in your name. This will help you in transferring the mortgage and your cousin won't be able to tell you anything further.

Thanks.

thank for your advice, Niicss.
but i am not quality to get the finance. should i bring it to court?

hi roy,

i don't think bringing the issue to the court will help you in anyway. it would be better if you could improve your credit score quickly and refinance the loan in your name. to know about the simple steps to improve your credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html

thanks

hello,
i have a question about differences in quitclaims and actual transferring ownership of real estate. my husband and i at the beginning stages of filing bankruptcy. we own our own home, but several years ago we brought my family home from my elderly father, which we rent out to other family members. we don't believe that we will be able to keep this second home, although we want to sign it over to these relatives. my question is this, " will this save the family home"? we took out a home equity loan and used it for a downpayment when we purchased the home, i'm assuming, i know we will be responsible for paying that. is there another way that we can arrange legally for them to take those that small payment as well? please advise. i look forward to your response. thank you.

lettie

Hi Lettie,

If you transfer your second home to your family members just before filing bankruptcy, it would be considered as fraudulent and you could be penalized for it. The bankruptcy trustee could bring that property back into your estate once you file bankruptcy. It would be better if you could consult an attorney and take his opinion in this regard.

Thanks

i am executor of my fathers estate house is paid for and is not in probate. On my fathers passing the free and clear property was transfered to all 4 siblings. One of my siblings is having credit issues and is being foreclosed on and his bank accounts have been guarished by a creditor. Can they come after the property even though he is a partial owner?

Hi Mike,

As far as I know, the creditors can come after this property though he is a partial owner of it. They may place lien on this property. However, if they have already started garnishing his wages, then I don't think the creditors will place lien on this property.

Thanks

I am hoping that someone can give me some advice. Mi fiance and I have been pre-qualified to purchase a home. We live in CA. Mi fiance has about 58,000.00 of debt. One is a 37,000.00 loan and the rest is 2 credit cards. In talking he mentioned that he was looking at filing bankruptcy after the purchase of our home. He said that there are laws that protect assests such as a home, but I am afraid that the creditors would come after our home. I am so concerned. I really, really appreciate your time and consideration with this matter.

Hi Andrea!

Welcome to forums!

Rather than filing bankruptcy, your fiancee can try and consolidate the loan and the credit cards. This will be a better option than filing bankruptcy and he will not have to worry about protecting assets in bankruptcy.

Sussane

Hi Sussane.
Thank you for the welcome and for your wonderful prompt response to my concern. If consolidation is not possible. Would he be able to protect the asset (our home) if he files for bankruptcy?
Thank you very much.. !

hi andrea,

what type of bankruptcy is your fiance planning to file? if he files for chapter 13, then the lender will give him a repayment plan to pay off the debts within 3-5 years. if your fiance is planning to file chapter 7 bankruptcy, then he can reaffirm the mortgage to save the property.

thanks

Hi and thank you again. He is planning to file a Chapter 7 bankruptcy.

Thank you,
Andrea